Periodic reports on the Menorca property market (Balearic Islands)
This page offers data-driven reports on Menorca’s property market, consolidating key data from public sources to highlight the latest trends and developments. Illustrated with charts and infographics, these reports provide critical insights into the residential real estate market of Menorca, with a focus on flagship municipalities such as Mahón and Ciudadela. These reports are written for foreign investors, property buyers, vendors, professionals, and journalists looking for insight into Menorca’s property market to help inform big decisions with important financial consequences.
Menorca property market overview
Menorca (Minorca in English) is a prime destination for international property buyers looking for second homes, holiday properties, or investment opportunities. Renowned for its tranquil lifestyle, unspoiled coastline, and rich cultural heritage, the island attracts a significant share of Spain’s foreign property transactions. As one of the most unique housing markets in the Balearic Islands, a focused report on the Menorca property market is invaluable for anyone with an interest in this region.
Located in the Balearic Islands, Menorca offers a diverse range of housing options, from luxurious villas to charming townhouses in historic areas. The market presents unique opportunities and challenges worth analysing. Key municipalities like Mahón and Ciudadela (known as Maó and Ciutadella in Catalan) are among the most sought-after areas for buyers and investors.
The reports cover a wide range of topics to provide a comprehensive understanding of the market, including:
- Home sales across the Balearic Islands and Menorca
- Foreign buyers: market share, residency status, and second-home investments.
- New-build properties: sales, pricing trends, and index data.
- House prices: general trends and specific insights into flagship municipalities like Mahón and Ciudadela.
- Mortgage lending: base rates, borrowing costs, and their influence on the market.
- Housing starts and key factors affecting supply and demand.
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Menorca in the Balearic context
This report focuses exclusively on the Menorca, presenting the most relevant data available, including home sales, house prices, and housing starts. By narrowing the lens, the aim is to provide a clearer picture of the unique dynamics shaping the Menorca housing market.
The majority of publicly available data on the property market in the Balearic Islands covers the region as a whole, making it difficult to extract insights specific to Menorca, which accounts for just over 10% of the Balearic housing market by sales, meaning its market activity is too small to significantly influence the regional picture. As a result, trends in Menorca may differ substantially from those observed in the Balearics overall. For instance, while home sales might decline in Menorca, they could simultaneously increase in the Balearics, underscoring the need to examine Menorca-specific data for an accurate understanding of its market.
Despite these differences the regional data does provide valuable context. Trends observed at the Balearic level may offer clues about the forces shaping the Menorca market, although these indicators are not definitive. Furthermore, critical metrics such as foreign demand and mortgage activity are only reported for the Balearic region, limiting the availability of Menorca-specific insights. Readers seeking a comprehensive overview of the Balearic property market, particularly Mallorca—which represents almost 80% of the market—can refer to the Mallorca property market report, which provides a detailed analysis of regional trends.
2024 Full Year
Menorca’s housing market performance in 2024
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2024 H1
Menorca property market report: First half of 2024 (H1 2024)
Home sales in Menorca
There were 878 property sales in Menorca during the first half of 2024 (Fig. 1-1), representing a year-on-year decline of 4%. However, sales were 3% above the ten-year average, reflecting the island’s relative stability compared to the more volatile markets of Mallorca and Ibiza. Menorca has experienced a softer landing following the post-pandemic sales boom, primarily due to its distinct buyer demographic. This demographic is less speculative and more focused on lifestyle purchases, which has shielded Menorca from sharp market fluctuations. Overall, Menorca’s sales performance in the period was reasonable.
House prices in Menorca
The average asking price in Mahón during this period was €2,733 per square metre, reflecting a year-on-year increase of 11% (Fig. 2-1). A ten-year price index reveals that prices have risen steadily across the island, with Mahón at 170 and Ciutadella at 167 in 2024 compared to a baseline of 100 in 2015 (Fig. 2-2).
These figures demonstrate a 70% increase in property values over the past decade, highlighting Menorca’s ‘slow and steady’ growth profile, which contrasts with the more volatile appreciation seen in other Balearic Islands.
Housing starts in Menorca
There were just 81 housing starts in Menorca in the first half of 2024 (Fig. 4-1), representing an annual increase of 1%. Compared to the ten-year average, this is a 13% decline. The number of new homes started per 1,000 residents was just 1.6 in Menorca, significantly lower than Mallorca’s 2.4 and Ibiza’s 4.6.
The housing supply shortage in Menorca is exacerbated by restrictive zoning laws and a lack of available building land. These factors have contributed to a near-stagnant construction industry on the island. Meanwhile, the Balearic Islands as a whole face one of Spain’s fastest-growing populations, further straining housing availability.
Conclusion
Key takeaways:
- Sales volume: 878 sales, down 4% year-on-year but 3% above the ten-year average, reflecting Menorca’s market stability.
- House prices: Steady growth with asking prices in Mahón at €2,733 per square metre, up 11% year-on-year, and a 70% increase in prices over the past decade.
- Housing starts: 81 housing starts, representing just 1.6 homes per 1,000 residents, highlighting a significant housing supply challenge.
General conclusion:
Menorca’s property market reflects a stable and steady profile, with sales and prices demonstrating resilience despite broader market headwinds. However, the chronic shortage of new housing, exacerbated by restrictive zoning and a growing population, is a significant concern for the island’s future market sustainability. The direction of travel for Menorca’s property market is cautiously positive, underpinned by steady price growth and a stable buyer demographic, but structural issues in housing supply could constrain long-term market development.
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Disclaimer
This report is prepared in good faith using publicly available data. While efforts are made to ensure accuracy, no guarantees are provided regarding the completeness, reliability, or suitability of the information for any purpose. Use of this information is at your own risk.
